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      • Department of Industrial Engineering
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      Information and preference reversals in lotteries

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      Author(s)
      Bakır, N. O.
      Klutke, G-A.
      Date
      2011
      Source Title
      European Journal of Operational Research
      Print ISSN
      0377-2217
      Electronic ISSN
      1872-6860
      Publisher
      Elsevier
      Volume
      210
      Issue
      3
      Pages
      752 - 756
      Language
      English
      Type
      Article
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      Abstract
      Several approaches have been proposed for evaluating information in expected utility theory. Among the most popular approaches are the expected utility increase, the selling price and the buying price. While the expected utility increase and the selling price always agree in ranking information alternatives, Hazen and Sounderpandian [11] have demonstrated that the buying price may not always agree with the other two. That is, in some cases, where the expected utility increase would value information A more highly than information B, the buying price may reverse these preferences. In this paper, we discuss the conditions under which all these approaches agree in a generic decision environment where the decision maker may choose to acquire arbitrary information bundles.
      Keywords
      Utility theory
      Preference reversals
      Value of information
      Permalink
      http://hdl.handle.net/11693/21942
      Published Version (Please cite this version)
      http://dx.doi.org/10.1016/j.ejor.2010.09.037
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